Anthony Barnett (London, OK): I have been snowed in in Athens! Airport closed, three inches of snow on the lemon tree outside our friends house is very pretty but not good for the fruit - or the tree - or coming back to the UK. Meanwhile Northern Rock will be nationalised. What nation is that then, you may well ask. But let's leave that question aside. It shows the strength of judgement of Vince Cable and the weakness of the Conservatives. John Redwood's ten reasons why Labour is utterly mistaken strike me as shrill and one-sided. Where was the private bidder willing to take on the losses he accuses the government of taking on, and what about the possible gains to be made by taking it over now? As oD's Ed-in-Chief says below, the government is right the nationalise as it is making legal what is already the reality. Ands what this country needs is real not fantasy government. Where James Forsyth makes a strong argument is on Darling and Brown's procrastination. So we have one of those strange situations where what the government has done is right but it seems wrong, and what the opposition says is wrong but it has a point, and what the Lib-Dems say is spot-on but not seen as relevant. We have been here before, a general sense of decline and drift. Oddly enough there seems to be a similar situation here in Greece, though I don't have the language and can't read the press. The government is tangled in corruption but Pasok, the socialist opposition party is not dominating the scene with a new way forward despite the quality of its leader.
Online at OK: Democratic Audit's full report, The BNP: the Roots of their Success
Britain is good at dealing with diversity - Kanishk Tharoor
The BBC was right on BNP - it is our political class who have been complacent - Jacob Ignatius
Get over it, better to flush out the whole affair - David Elstein
ourkingdom (not verified) said:
Wed, 2008-02-20 01:12John: Thank you for your prompt response but I am still baffled. A bank manager does not lend a customer £100 billion and then tell it to pull its socks up. Northern Rock played the market recklessly and lost. Better regulation would have prevented this. Once it happened depositors had to be protected and the financial sector couldn't let a bank go down. So the government had to act. As with Rolls Royce (aircraft) which was nationalised under Heath and is a successful company now, it is much better to pursue the public interest clearly in such a crisis than look on a matter like this in narrow terms of a company that over-reached itself.
Anthony